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Future Cat Lady | Help- I'm drowning in debt! Need strategies to get out of it!? |
I have a mortgage ($973/mo), student loans ($16K), and thousands in credit card debt (approx. $12K). I'm only 22. I feel like the debt is mounting and I don't know how to stop it. Do you have any suggestions? I don't even go out that much...I'm not spending money on beer and such....just food and household bills!
I'm scared that I'll lose my house. Please help me!
I would appreciate any suggestions or resources that have been helpful for you. Thank you so much! |
 |
 
CrackBerry Addict
 |
The one book that made an absolute difference in my financial life is The Total Money Makeover by Dave Ramsey. It really showed me how to focus the income I made in to paying down debt. I am positive that this can work for you to. He walks you through 7 baby steps (one of them being becoming debt free) in the book.
I believe this book is available in the library, or you can purchase one at a book store (with cash, of course :-) ) I would recommend you check it out. It sounds like you are really serious about getting these debts in control. You can definitely do it. |
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Stephen L
|
Hi!
1. Make a list of all the accounts balances and monthly
payments.
2. Cease all unnecessary spending on your card.
2. Have your home valued by a credible agent in your area.
3. Speak to your bank about getting a 2nd mortgage on your home to consolidate all your debt.
4. If unsuccessful at getting the 2ND mortgage, consider selling your home if you can realize enough to settle all your debt.
5. Once you have done all that - focus on the top line! By this I mean making money as the secret says what you focus on will become your reality so you need to focus on ways to earn more money.
6. I try focus on the top line and not the bottom line...
Relax and keep a clear head don't panic
Good Luck...
PS: Once you get out of debt don't get back into debt! Insanity is doing the same thing twice and expecting different results. |
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JB
|
1. Stop charging.
2. Get yourself on a written budget.
3. Request a hardship deferral on the student loans.
4. Use that extra money to attack the credit card debt or get current on anything that's behind.
5. Consider a second job. |
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stevexnelson
 |
Your debts aren't that bad.
You can probably refinance the student loans for a much longer period of time. Call the lender.
Try to pay your credit card bills on time or the interest rates will jump up and the late fees will hurt.
Consider taking on a roommate. If you had a roommate all of your problems would be solved. This is your best option.
Good luck. |
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Doctor Deth
 |
how were you able to afford to buy a house with all that debt at such a young age? - get a housemate/roommate, get a second job |
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Sec Educashun
|
Talk to a debt counselor. |
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robert w
|
since u don't say how much u make a serious answer is hard to tell.
visit dave ramsey.com to get commonsense approach to ur issues.
learn from others challenges. |
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src50
|
You don't say anything about your income. Does it cover your monthly bills. |
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fred
|
Stephen L raises a lot of the points I'd have brought up, but add to that to contact your credit card company and try and negotiate your debt down. Rather than face a default or a bankruptcy, they may cut the interest rate. |
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small wonder
|
As well as talking to a debt counsellor, contact the credit card companies to explain the situation, sometimes they are willing to freeze the interest. Go through your utility bills and see if it is possible to make further cutbacks.... are you paying for gym membership that you are not using at the moment? cancel it till you get back on your feet. Are you overpaying on gas, electricity ect...Whatever you do don't bury your head in the sand, it won't go away. Good luck and take care. |
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j.s.is.the.best
|
hmm... i do think you need professional help...
you need to work out what are the most important things to spend your money on and do not spend any money on luxuries..focus on your works...try and get a higher paid job...
youll get thru it =] |
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Deliah
 |
You are very young and 12K is not that much IF you want to save your home.
You will not like the answer but go get a second job at a fast food join in the evenings and pay EVERY SINGLE DIME toward the CC debt. Let me repeat EVERY SINGLE DIME.
But the choice is yours, lose your home or work for 8 -12 months to save it and rid yourself of the cc debt.
Good luck and I know you can do it you've proven that by buying your own home so young!! |
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jack
|
Buy a new identity and start over again like everyone else! Don't give up, don't let it get you down! Don't give up, don't let it make a frown! |
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bidhutnet
|
First thing to do is calm down and take a few deep breathes. I'm the same age as you and dealing with the same thing just without the home morgage. Anyhow, I would suggest you get a book by Dave Ramsey called "The complete money makeover". I read it a few weeks ago and using what he teachs it gets you out of debt. Heres the basic outline of what you need to do right now:
Start writing down everytime you purchase something. Even if it's a .50 or $1 item write it down. Do this for a few weeks.
Next sit down with all your bills, paycheck and that list. Do a budget including everything you spend on and see how much extra money you have each month. Include food, gas, insurance, home loan, credit card bills etc.. Everything. When you do this figure paying the minium on all your bills.
Now look at what you can cut out of your budget or downsize on. Examples are taking a lunch to work, make your morning coffee at home and take with you, drink water or take drinks to work, cut back the cell phone plan, get rid of the house phone or cell whichever you think, cut back the cable or get rid of it, shop around for cheaper car insurance, eat alot of soups, pastas, and vegatables etc.. There are alot of ways to cut down your overhead.
Now start with your lowest balance debt and pay any extra to it while paying the minium on everything else. Once the first debt is paid off, take the amount you where paying to it and apply it to your next lowest debt and keep doing this. Make a budget and stick it. Using the snowball effect works great and you will start to see results right away.
Now you might need to look at getting a second job, picking up more hours at work or even getting a roommate. SInce you have that house I'm sure you hvae atleast one spare room. Just think you could rent it to someone for probably $350-$600 depending on your area and that could all go to pay back your debt. If you have a new car with a big payment you should look at getting rid of it and getting something for a few thousand cash so you don't have the payment and insurance will be cheaper.
Best of luck and keep your head up things will get better. If you would like some help doing a budget and figure things out I can help you just email me. |
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toy*
|
oh wow, and your only 22!! Make sure your student loans are consolidated at a low rate, take on a second job, and tackle that credit card debt. I know its hard, I dont have as much credit card debt as you, but I have a crap load of student loans. You just have to work on it and not ignore it or your credit score will go into the gutter. |
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♫ Mad Luv ♫
|
get all your bills together ! Every thing you owe!
then get all your income!
it sucks but if you are really worried then you may want to give up cable tv, starbucks coffee, and what ever else you have that isn't a NEED!
that's the sucky part if you live pay check to pay check as it is!
then take at least 20% of your income and distribute it to your debt. This does not count your current bills!
Call the places your indebt and work out a payment plan!
trust me all of this is better then missing a court date and getting the money garnished! Don't follow my foot steps! it sucks when they take over 200 bucks out of your paycheck when they would of settled for 50 a month!
once you get you 20% take 10% of that and put that to the largest debt you owe
then take 5% of what is left and put that to the 2nd largest you owe on! and again for the last 5% put that to the 3rd highest one you owe on!
do this every month and watch your debt get lower and lower!
if you do this now it will not bit you in the butt when your 30 !
:)
Good luck |
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